BE-10 Survey Requirements for New Jersey Companies Investing Overseas
Welcome back! If you’ve been following our BEA compliance series, you’re well on your way to checking off every box on your regulatory to-do list. So far, we’ve covered the BE-12, BE-13, BE-15, and BE-605, each one tackling foreign investment in the U.S. But today, we’re flipping the script. The BE-10 report isn’t about foreign investors coming in; it’s about U.S. businesses going out.
If your New Jersey-based business has a direct investment abroad, whether in a foreign business enterprise, foreign real estate, or a foreign affiliate, you might be required to report financial and operating data to the Bureau of Economic Analysis (BEA). And if you skip it? The civil penalties (and potential criminal penalties) aren’t something you want to deal with. Stick with us as we break down who must file, who’s exempt, what’s due, and what happens if you don’t file.
Key Terms You Should Know
But before we get into the nuts and bolts of the BE-10 report — who needs to file it, which form applies to your business, and the penalties for non-compliance — it helps to clarify a few key terms:
U.S. Reporter: If you own 10% or more of a business outside the U.S., the BEA expects you to report it. That makes you a U.S. Reporter under BE-10 rules.
Foreign Affiliate: A foreign affiliate is simply any business overseas where a U.S. entity owns enough to have influence (at least 10% or more of voting stock)
Foreign Business Enterprise: If a business is located outside the U.S., whether incorporated or not, it’s considered a foreign business enterprise under BE-10 rules.
Majority-Owned Foreign Affiliate: If your U.S. company has more than 50% ownership in a foreign business, it’s your affiliate, and you’re the majority owner.
Minority-Owned Foreign Affiliate: A minority-owned foreign affiliate is a foreign business where your U.S. company owns enough (10%-50%) to have a say but not full control.
What Is the BE-10 Report?
So, what exactly is the BE-10 report? And more importantly, does it apply to you? If your New Jersey business has direct investment abroad, meaning you own at least 10% of the voting stock in a foreign business enterprise, you likely have a filing obligation.
The BE-10 is a mandatory survey conducted every five years by the Bureau of Economic Analysis (BEA) to track U.S. direct investment abroad. It collects financial and operating data from U.S. businesses with foreign affiliates, helping the government analyze investment trends, trade policy impact, and economic strategy. Failure to file can result in civil and, in some cases, criminal penalties. The data reported includes net income, assets, sales, and ownership details, ensuring that policymakers understand the role of U.S. businesses in the global economy.
Who Must File the BE-10 Report?
If your New Jersey business has money tied up in a foreign affiliate, owns a stake in an overseas company, or has direct investment abroad, there’s a good chance you need to file the BE-10 report.
Here’s the rule: If your business directly or indirectly owns 10% or more of the voting stock in a foreign business enterprise, whether incorporated or unincorporated, you must report it to the Bureau of Economic Analysis (BEA).
So, who exactly qualifies as a U.S. Reporter?
Majority-owned foreign affiliates: A U.S. business that owns more than 50% of a foreign entity.
Minority-owned foreign affiliates: A U.S. business that owns at least 10% but not more than 50% of a foreign entity.
What about private funds? If your business invests in a private fund foreign affiliate, you may be exempt — but only if the fund does not own an operating company.
Examples of reportable foreign affiliates:
A New Jersey tech company holding shares in a European software firm.
A U.S. real estate investment group that owns commercial property overseas.
If this sounds like your business, you must file or face potential civil penalties (and, in extreme cases, criminal penalties).
Types of BE-10 Reports and Their Requirements
Filing the BE-10 report isn’t a one-size-fits-all process. Your business will file a specific BE-10 form based on two key factors: (1) the size of your U.S. parent company and (2) the financial standing of your foreign affiliates. The more assets, sales, or net income involved, the more detailed the reporting requirements. So, which form fits your business? Let’s break it down.
BE-10A
Think of BE-10A as the main report for the U.S. parent company. If your New Jersey-based business has direct investment abroad, you’ll need to file this form. The level of detail required depends on size:
If your total assets, sales, or net income exceed $300 million, you must complete the full report (this can be over 100 items, covering everything from financials to R&D and foreign affiliate details).
If below $300 million, you only need to fill out Sections 1-42.
BE-10B
If your foreign affiliate is majority-owned (meaning your U.S. company holds more than 50% ownership) and has assets, sales, or net income exceeding $80 million, you’ll need to file BE-10B. This form does not apply to the U.S. parent company — it’s specifically for reporting the financial and operating data of the foreign business enterprise. If any of these financial metrics exceed $300 million, you’ll still use BE-10B, but you must complete the entire form, including additional detailed sections.
BE-10C
If your foreign affiliate doesn’t quite hit the BE-10B threshold, but it’s still a significant investment, then BE-10C is the right form. This applies to:
Majority-owned foreign affiliates (more than 50% U.S. ownership) with total assets, sales, or net income between $25 million and $80 million.
Minority-owned foreign affiliates (10% to 50% U.S. ownership) that exceed $25 million in any of those categories — regardless of how large the figures are.
This form ensures that mid-sized U.S. investments abroad are accounted for in the BEA’s benchmark survey of U.S. direct investment abroad, helping with economic analysis and policy decisions.
BE-10D
If your foreign affiliate’s total assets, sales, and net income are all less than or equal to $25 million, you’ll likely need to file BE-10D. This form captures essential financial and operating data while keeping reporting requirements minimal for smaller foreign affiliates. Even though the figures are smaller, the BEA still requires this data to track foreign commercial activity and U.S. investment abroad.
When Is the BE-10 Report Due?
Mark your calendars; 2025 is a BE-10 reporting year! This benchmark survey of U.S. direct investment abroad is due every five years, and if your New Jersey company owns at least 10% of a foreign business, it’s time to prepare:
May 30, 2025 – Deadline for businesses filing fewer than 50 forms.
June 30, 2025 – Deadline for businesses filing 50 or more forms.
If you think you need more time, you can request an extension, but approval isn’t automatic. To avoid compliance headaches, file through BEA’s eFile system, which keeps things fast and efficient.
What Happens if You Don’t File?
Ignoring the BE-10 report can be costly. If your business fails to file, the BEA can impose civil penalties, with fines that adjust for inflation. And if the failure is intentional, it doesn’t stop at fines; the responsible individuals could face criminal charges, including imprisonment for up to one year. The BEA may also seek an injunction, forcing you to comply through legal action.
If you received a notice from BEA and think you don’t need to file, you still have an obligation — you must submit a claim for exemption. Failing to do this could still expose your business to unnecessary penalties. The simplest way to stay compliant? File on time using BEA’s eFile system and avoid the hassle altogether. Compliance isn’t just a legal requirement — it’s a safeguard for your business.
Not sure where to start? A New Jersey business lawyer can break it down and make sure you’re covered
Conclusion
BE-10 reporting is mandatory, but that doesn’t mean it has to be stressful. By knowing your filing obligations, using the BEA’s eFile system, and seeking legal guidance when necessary, you can make sure your business remains compliant without unnecessary hassle. A New Jersey business lawyer can help you review your investment structure, determine filing requirements, and assist with exemption claims, giving you peace of mind and keeping your business on the right track.
The BE-10 is the five-year checkpoint — up next, we’re breaking down BE-11, the annual version of this foreign investment report
Are you wondering about any of the issues mentioned above? Please email us at Info@staturelegal.law or call (732) 320-9831 for assistance.
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